Aventador, Huracan, Wraith, Stradale, Jaguar, irrespective of your dream car, the knowledge of NFTs and how to make money from it can take you a few steps closer to getting your amazing ride.
You might have seen many people on different social platforms with Ape arts and other digital items as their Avi or display picture. If you don’t know what they are, this article is for you.
The widespread use of these digital arts as avi indicates the blooming NFTs market. Like every other trend, if you don’t act quickly, you will most likely miss out on the huge potential in it.
I can bet this isn’t your first time hearing about NFTs, but the only thing you know about the acronym is the full meaning — Non-fungible Tokens. However, there’s more.
It’s the next level of digital art and economy.
Non-Fungible Tokens are digital pieces that can’t be replaced and can’t be replicated. This infers that they’re unique pieces of art which makes them valuable. Multiple people can’t own them at one time, you can only transfer ownership.
The most famous existing form of NFTs are the arts you’re most familiar with, but Non-fungible tokens exist in other forms too. They’re digitally created through Minting — a process that involves you turning your digital items into a part of a Blockchain that functions as a public ledger.
Blockchain is a combination of different blocks. Each block is embedded with certain information that can’t be altered. The most used Blockchain for minting NFTs is the Ethereum (Eth) Blockchain, which is why all NFTs sell in eth.
You can always create and mint your NFT on the Eth Blockchain, which automatically registers your creation in a public ledger and lists you as the owner. Their uniqueness and inability to be replaced make them highly valuable. Created NFTs can not be edited once they’re minted.
Now that you have basic knowledge about NFTs, checkout how you can make money from these unique tokens
Sell NFTs As Digital Arts — Opensea is the largest marketplace for NFTs. It’s a place where you can buy, sell, or auction minted NFTs.
Around the 11th of March 2020, Christie’s, one of the most popular auction houses globally, sold an NFT work for around $69 million. This is a reflection of how valuable NFTs can be in the marketplace.
Albeit, it’s not all NFTs that carry value. Many celebrities and companies, including politicians, are joining the NFT train, and you’ll feel like the only one left out if you don’t seek some in-depth knowledge about the new sensation.
Collect and Sell Licensed Collectibles — Converting physical collectibles like trading cards to a digital form that can serve as tokens can be another means of making money from NFTs.
Brands and startups that require physical collectibles can sell the same thing at a higher value than NFTs (digital collectibles).
The uniqueness of digital collectibles, the longevity, and the inability to suffer a loss while serving the same purpose as the physical one is enough reason to purchase at a higher value.
Sports like NBA and Football now have digital sports cards, and other physical collectibles can also take this form. Collecting and selling these items can be another avenue of earning from NFTs.
NFT Video Games — This involves a high level of experience and in-depth knowledge to make this profitable and functional, but it’s a means of earning from NFT.
Although most of the games utilizing Non-Fungible Tokens have yet to gain much popularity, the prospect of tokenizing in-game items seems like an excellent idea.
Most gamers spend a lot on in-game virtual items. Making NFTs can bring a higher value and help the developers make more money.
Exploring this option requires a high level of planning, expertise, and knowledge.
While this article has paraphrased the basics of NFTs, it still requires your efforts to learn in-depth, and turn the knowledge into a profitable enterprise.
The booming niche in the cryptocurrency world holds much potential, and you can continuously tap from it with the proper application of knowledge.
Learn, earn, and buy yourself a Lambo!